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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ US https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Boeing earnings Q1 2019 match expectations but revenues disappoint

Boeing earnings Q1 2019 match expectations but revenues disappoint



Boeing said it has completed more than 135 test and production flights of updated software for the 737 Max. The Federal Aviation Administration, as well as regulators around the world, grounded the airplane in mid-March after the crash of an Ethiopian Airlines plane. That crash came five months after Lion Air 7737 Max crashed in Indonesia. A total of 346 people died in the crashes

The company is expected to submit its plan to fix the FAA to FAA shortly, people familiar with the matter told CNBC

Boeing reported a total order backlog for its commercial airplane business of $ 399 billion, citing more than 5,600 orders. That's down from the previous quarter, which had a backlog of $ 41

2 billion with more than 5,900 orders.

The company's largest business, Boeing's commercial airplane division saw deliveries fall 19% year-over-year for the quarter to 149 aircraft from 184 aircraft. That decline is largely due to the 737 Max's grounding, as the plane makes up the majority of Boeing's backlog. Goldman Sachs has estimated that the 737 Max also accounts for 33% of Boeing's revenue over the next five years

U.S. Airlines that had been flying 737 Max aircraft have removed the jet from flight schedules as far as August. Southwest Airlines, American Airlines and United Airlines all extended thousands of flight cancellations through the summer, a key travel period for airlines


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